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Tim Cook Hits Back At Retailers Blocking Apple Pay

Tim Cook Hits Back At Retailers Blocking Apple Pay

Apple CEO Tim Cook has hit back at several retailers who are blocking Apple Pay stating that there were plenty of other retailers in the world willing to sign-up.


With Apple Pay launching a week ago, it has had more than a million customers, along with 1 million credit cards, sign-up for the process and already adds up to more transactions than all other contact-less payment methods combined.

After news was revealed over the weekend that both CVS and Rite Aid had opted out of Apple Pay over a rival development being created for use at both Wal-Mart and Best Buy, Tim Cook stated that they have many more merchants that are willing to sign up.

Apple is hoping to attract more consumers and businesses using mobile devices and enhancing the way we pay for goods by making it smarter, easier and quicker to buy goods digitally.

One of the main reasons behind the launch of the new service, however, is to avoid costly credit card transaction fees to companies like VISA and Mastercard which can range to between 3% and 5% per transaction.

What is not clear is whether the plan will actually work and whether Apple Pay will become widely adopted, reducing the need to carry cash.


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